When they want to get cash out of their home or lower their monthly payments, more and more California homeowners are refinancing with a Pay Option adjustable rate mortgage (ARM) loan.
People in California are refinancing their homes more often with a Pay Option home loan because the programme lets the homeowner choose which of four different payments to make each month.
Call 1-866-398-4664 if you need help right away with a California Pay Option Home Loan.
Or go to http://www.goldmedalmortgage.com
The Pay Option ARM refinance home loan is a relatively new product that gives you four ways to pay each month:
- 1 percent Minimum payment: With this option, you can pay off your mortgage at a 1 percent interest rate to save the most money.
- Interest only option: This option lets you pay only the interest part of your monthly payment, so you can get more money each month.
- 30 year payment: This option will tell you how much you need to pay to own your home outright in 30 years.
- 15-year payment: Pay off your mortgage faster, build equity, and save thousands of dollars in interest;
Pay Option refinancing is used by all kinds of borrowers, but the ones who use it the most are self-employed or commission-based borrowers and those who need the lowest possible payment right now.
Pay Option ARM mortgage loans are great for people who are self-employed. Most self-employed people have income that goes up and down, and this programme lets them make a mortgage payment that fits their cash flow.
For example, a California contractor who works for himself and is busy in the spring and summer but less so in the winter because of the weather. When business is good, the contractor can make a full amortised payment, but when business is slow, he can take advantage of the new low deferred interest payment. It gives him a lot of freedom to make the mortgage payment he wants each month based on how much money he has coming in.
People who want to buy a new home or are buying their first home and want the lowest possible monthly payment can also refinance.
Even though the California Pay Option Refinance Loan is the best adjustable rate mortgage (ARM) product currently available, borrowers should remember to use the programme to their advantage. If they only make the minimum deferred payment, the deferred interest will be added to their principal balance at the end of 5 years.
Call Goldmedalmortgage.com at 1-866-398-4664 if you need help right away with a California Pay Option Home Loan. Or go to http://www.goldmedalmortgage.com
